Tamil Nadu State Apex Co-Operative Bank will give low income people loans at lower interest against the gold scheme to help them overcome their financial problems during the lock down period, reports Hindu.
Under the scheme, the gold would be valued at Rs 3,300 per gram, compared to Rs 3,000 per gram in the normal schemes.
The loan will attract an interest of 6% per annum compared to 9.5% in normal schemes.
People can avail loans worth Rs 25,000 to Rs 1 lakh with repayment period of three months with an additional grace period of three months.
It also claimed that this is the cheapest loan scheme available in the market among banks and NBFCs.
